USD/CAD - Under 0.9907 To Weaken Further

By: MIG Bank | Wed, Feb 29, 2012
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USD/CAD is now approaching 0.9907. A break under this level will confirm 1.0050 as a lower high, targeting 0.9890 immediately.

We would need to see re-capture of 1.0052 from here to suggest basing potential, with scope then for a push towards minor resistance at 1.0163 and possibly 1.0250 in a more bullish multi-week scenario.

EUR/CAD, which tends to share a positive correlation with EUR/USD, has breached the top of a trading band and now targets broken support at 1.3394 as this year’s recovery extends.

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MIG Bank

Author: MIG Bank

MIG Bank

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